New Delhi:
While presenting the budget today, Union Finance Minister Nirmala Sitharaman said that this budget is dedicated to increase the development of the government, increase the capacity of everyone’s development, middle class. We are going to complete 25 years of this century. The expectations of our developed India have inspired us. Our economy is the fastest growing economy in all major economy. Giving relief to senior citizens in the budget, the Union Finance Minister has now announced to increase the limit of TDC from 50 thousand to 1 lakh.
Gave a big gift to income tax payers
Also, Nirmala Sitharaman has given a big gift to income tax payers. Those who earn 1 lakh rupees every month will not have to pay tax. There will be no tax on income up to Rs 12.75 lakh. At the same time, you will be able to file IT returns of the last 4 years simultaneously. Finance Minister Nirmala Sitharaman made a big announcement and said that now there is no need to pay any tax on the annual earnings of 12 lakhs. This change has been made under the New Tax system. Earlier, there was no tax on earnings of 7 lakhs. Standard Didlation has been kept at Rs 75,000
Nirmala Sitharaman said that the FDI limit for the insurance sector is going to increase. The government has decided to remove 7 tariff rates. 8 tariff rates will remain. It has been proposed to remove social welfare surcharge. The government is going to bring a new income tax bill next week, which will make the tax system easier and transparent.
Big announcement for cancer patients also
Along with this, a big announcement was also made for cancer patients. Nirmala Sitharaman announced that the duty tax will be completely abolished on 36 life saving medicines. Cancer Day Care Centers will be set up in all government hospitals. Treatment of cancer will be cheaper. Custom duty on 6 life saving medicines will be reduced to 5%.
VIDEO: No tax will have to be paid up to Rs 12 lakh, Middle Class’s bat-bat